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The best financial institution for the high debt and high income professionals looking to obtain insurance and investment advice and services is a financial planning services company such as Ameriprise Financial. Financial planning looks at life events and life goals such as retirement and estate planning and offers advice and provides products to help meet those goals. Many financial planning services companies also offer loans and deposit banking accounts. Generally one representative who is licensed to sell insurance, investments, and loans will work with this couple throughout their relationship with the company.
The representative’s goal is to periodically review changes in life events and modify the couple’s insurance and investment portfolio to meet their changing goals and objectives. For this couple, the representative may suggest a product that combines insurance and investment such as an annuity or universal life insurance. The couple can establish a relationship with a financial services firm in a local branch or through an interactive website maintained by the company. In some cases the bank that they are already established with may have a financial planning division that they can access in the local branch or through the bank website.
Scenario B The best financial institution for a student looking to establish a checking or saving account, establish credit, and develop a relationship with a financial institution should consider a credit union. A credit union is similar to a bank in that it offers deposit accounts and loan programs, but differs from banks in that credit unions are non-profit organizations that are owned and operated by members as opposed to being owned by stockholders and operated by executive boards.
Credit unions generally offer higher interest rates on savings accounts, lower fees on checking accounts, and lower interest rates on loans and credit cards. Credit union membership is generally tied to an organization such as a labor union, many large corporations have employee credit unions, some churches or communities have credit unions for members. This student can establish a credit union relationship through parents or may become employed in a local business that offers credit union membership as an employee benefit. Organizations like the Credit Union National Association provides resources and information for consumers.
Scenario C The best financial institution for a small business owner who needs multiple deposit and checking accounts, investment services, and access to branches in other cities should consider a national bank such as Bank of America that has branches nationwide as well as online account access. Bank of America, and similar national banks, offer online payroll processing, credit card processing for retailers, and provide businesses with the option of importing bank statement information into popular accounting software formats such as Quicken, QuickBooks, and Microsoft Money.
National banks have departments dedicated to small business lending and offer various types of Small Business Administration (SBA) loans. They also have services to meet the needs of specialty industries including financing and leasing partnerships with auto dealers. The business owner can establish a relationship with a banking professional at a local branch or can establish accounts online. National banks generally have extensive, interactive websites which provide information and guidance on establishing the business banking relationship.
References Ameriprise Financial. Financial planning advice and financial advisors. Retrieved March 11, 2009, from http://www. ameriprise. com/default-home . asp Bank of America. Small business loans, payroll services & other small business services. Retrieved March 11, 2009, from https://www. bankofamerica. com/smallbus iness/index. jsp Credit Union National Association, Consumer Info. America’s credit unions: where people are worth more than money. Retrieved March 11, 2009, from http://www. creditunion. coop/what_is_a_ cu. html